Regulatory Alerts2023-05-01
Non-Requirement for Company Customers to Provide the Official Stamp on Memorandums of Association and Amendments Submitted for Account Opening or Banking Transactions
The Saudi Central Bank confirms that all banks and savings institutions must not require company customers to provide the official Ministry stamp on Memorandums of Association (MOAs) and their amendments when opening accounts or conducting banking transactions. This directive addresses the inconsistent practice of some banks rejecting unstamped MOAs, aligning operations with previous circulars that exempted company customers from this requirement. Banks are instructed to verify the authenticity of these documents directly through the Aamaly platform at aamaly.sa instead of demanding physical Ministry stamps.
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